Refinery89: Capital D Acquires Minority Stake with Squire Patton Boggs' Guidance

Deal News | Apr 21, 2025 | Iberian Lawyer

Squire Patton Boggs has acted as legal advisor to Capital D, a London-based private equity firm, in acquiring a minority stake in Refinery89, an AdTech platform headquartered in Madrid. This acquisition marks a crucial step in Capital D's strategy to invest in founder-led, disruptive mid-market companies across Europe. Refinery89, founded in 2018 and headquartered in Madrid, optimizes advertising revenue for web and in-app publishers in six major European and Latin American markets. The legal advisory was led by partners Tim Stead and Jeroen Sombezki, with a Madrid-based team led by Teresa Zueco. This transaction underscores Capital D’s commitment to leveraging their investment portfolio to enhance value in the digital advertising space.

Sectors

Private Equity
AdTech
Legal Services

Geography

Europe – Capital D and Refinery89 both operate extensively across major European markets, including Spain, France, Germany, Belgium, and the Netherlands.
Latin America – Refinery89 also has a presence in Latin American markets, notably Brazil.

Industry

Private Equity – The acquisition involves a private equity firm, Capital D, investing in a new company.
AdTech – Refinery89 operates in the AdTech sector, focusing on optimizing advertising revenues for publishers.
Legal Services – Squire Patton Boggs provided legal advisory services, facilitating the transaction.

Financials

3.3 billion – The estimated total addressable market value across Refinery89's operational regions.

Participants

Name	Role	Type	Description
Refinery89	Target Company	Company	An AdTech platform specializing in optimizing revenues for digital publishers.
Capital D	Bidding Company/Buyer	Company	A London-based private equity firm focused on mid-market, disruptive companies.
Squire Patton Boggs	Legal Advisor	Company	Served as legal counsel to Capital D during the acquisition.